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Portland Real Estate Update By Rob Levy

Portland Real Estate Update July '14

Closed sales enjoyed a solid
month this June in the Portland
metro area! The 2,617 closings
showed a 4.2% increase over the
2,511 closings from last June. In
fact, this was the strongest June for 
closed sales in the region since 2007 
when there were 2,731! Pending
sales, at 2,965, rose 5.7% compared
to last June’s 2,804, but fell slightly
(-0.8%) compared to the 2,989
offers accepted just last month.
New listings (4,078) were 8.7%
stronger than June 2013 (3,751) but
fell 2.7% from May’s 4,192.
There are currently 7,250 active
residential listings in the Portland
metro area. Total market time fell
again in June to 59 days. Inventory
remained stable for the third
consecutive month, and sits at 2.8
months.
Portland Metro
Residential
Highlights
20142013Change
Year to Date Summary
Portland numbers are very
similar this year compared to last.
New listings (20,248) are up 4.4%
compared to the first half of 2013.
Pending sales (14,705) and closed
sales (12,518) are down 0.9%  and 
0.1% in the same comparison.
Average and Median Sale Prices
The average price the first half
of the year was $328,900, up 8.7%
from the same time frame in 2013
when the average was $302,700. In
the same comparison, the median
also rose 8.7% from $257,500 in the
first half of 2013 to $280,000 in the
same period of 2014.

The Portland metro area saw a cooler September than August, but numbers continue to be strong.  It was the strongest September for PENDING sales since 2006, with 2,704 accepted offers.   Closed sales were up 10.2% over last September, but were down 8% compared to August of this year.  New listings in September 2014 were also down 13.4% from August.  Right now there are 7,438 active residental listings in the Portland metro area.  These are condos, attached homes and detached single family homes.  The total market time to sell these homes has decreased by three days to 60 days on average, and the inventory time to sell rose very slightly to 3.1 months, which is still about 50% below what is normally considered a "balanced" market.  The average sales price for the first nine months of 2014 was $333,000 up 7.4% from the same time period in 2013.  The chart here is median sales price, for the USA.  I put it up there as a good comparator.  Our home of the month is a hard-to-find large home on five level acres, a stones throw from town! This lovely home is at the south end of Tualatin, with great freeway access and its a large dayranch with a huge shope complete with an RV door, horse stalls, a pool and so much more.  Check it out at http://www.roblevy.com/Property/23490-SW-82nd-Ave-Tualatin-Oregon

 

Recovery - By Zip Code

There was a great article in the Oregonian last week talking about the recovery, and how it was going in various zip codes.  The article shows some areas of town, particuarly inner city urban are well over the peak prices before the crash, while some others such as Newberg have a long way to come back.  There is an interactive link where you can see the change in value of homes in YOUR zip code.  The link is here......  http://www.oregonlive.com/front-porch/index.ssf/2014/10/prices_show_an_uneven_housing.html

Underwater Mortgage Rate is back Down

The underwater mortgage rate, or the percent of homes where the home owners owe more than their home is worth is down to 3.9% in the Portland metro area.  The actual number of homes is 18,700 according to CoreLogic as reported in the Oregonian a couple of weeks ago and is for the 2nd quarter of 2014.  Also, another 1.9% are barely "above water" which is less than 5% equity which in my world is the same thing because the sellers dont have enough equity to sell the house, let alone purchase another one. This number is a significant improvement over the 5.2% as reported for the first quarter of 2014.